Keven Smith directed and edited CLERKS.

Robert Rodriguez directed and edited EL MARIACHI

At times the director will know the raw footage far better than anyone else and might be able to put together things better than a hired gun. (Advantage Director/Editor). At times the director may have lost perspective and humor for example, is no longer funny after the repetition of shooting the jokes from a dozen angles with multiple takes each time. An editor has a fresh pair of eyes and won't be in love with a particular bit if it doesn't work (Advantage New Editor).

RJSchwarz
San Diego, CA

Sydney Pollack edits a lot of his own films, as did a bunch of the greats (Frank Capra, George Stevens, even George Lucas did his own editing on THX-1138).

I do all my own editing because I don't know anybody who would do it for me, and I can't afford to hire a pro. I find that the basics of sequencing are pure drudgery to me, but that I delight in making adjustments after the rough cut is set up. Still, I oftentimes wish that I was just sitting on a couch and talking to an editor who had more experience with editorial technique and pacing.

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Andrew Gingerich
Exploding Goldfish Films
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The most obvious advantage of editing your own project would be cost - you don't have to pay someone else, although you're doing yourself a disservice if you don't pay yourself for your editing work (assuming the project has the funds to do so).

I would also say that editing your own stuff SHOULD help you grow into a more efficient producer/director. For instance, if you know you favor certain types of lighting or angles, then you don't have to waste time getting extra takes of other lighting/angles. You don't have to give "choices" to an editor because you should already have a firm grasp of what you want.

On my first short film, I wasn't sure what shots/angles I really wanted. I didn't know if I was going to change my mind in the editing process and suddenly need a shot that I didn't get. It was daunting, but it helped me understand how the directing and editing processes relate to each other. Eventually, I learned to think like an editor during pre-production, thus saving alot of worry during the shoot.

I guess I'm oversimplifying it a bit, but I do think the advantages of cutting your own stuff could and should extend beyond the cost factor and really make you a better producer/director/editor. It's helped me - but I really can't imagine letting someone else cut my projects. It's just not how I learned to do it.

'Playing for Peanuts'
http://www.PlayingforPeanuts.com
http://playingforpeanuts.blogspot.com

I would say that a lot depends upon genre. I have found editing comedy to be extra hard because after writing a number of drafts and then shooting each scene a number of times I've lost the sense of humor while editing. A new set of eyes in such a case could be helpful.

For action I would imagine this is less a factor.

RJSchwarz
San Diego, CA